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JSW provides financial results update

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World Coal,

Better market conditions on the international coal, coke and steel markets have substantially contributed to the JSW Group’s financial results.

In the first nine months of 2021 (9M21), the JSW Group recorded a net loss of PLN 62.7 million vs PLN 1088.6 million one year ago. However, it is worth emphasising that in the three-month period ended 30 September 2021, the JSW Group generated a net profit of PLN 267.8 million.

EBITDA (net of non-recurring events) was PLN 1044.2 million. Total coal production edged down 4.1% to 10.2 million t. In turn, coal production surged upwards 15.1% to nearly 2.8 million t.

“Since mid-August, we have observed dynamic growth in coking coal prices. The market is conducive to us, all the more so since the demand for coking coal outside China is also on the rise. Let’s remember that the coke market is a global market and that coke from Poland competes with suppliers of this commodity from around the world,” commented Tomasz Cudny, CEO of JSW SA.

“The global coke trade in 2Q21 of totalled 7.2 million t. This was the largest quarterly result in at least 10 years,” he added.

Overall sales of the coal produced in JSW’s mines grew by 11% in 9M21 in comparison with the corresponding period of last year to 11.1 million t. The volume of coke sales edged up 1.4% to 2.7 million t. It is noteworthy that in the period in question, the prices of metallurgical (coking) coal and coke also climbed, by 4.5% and 40.8%, respectively. As a result, this contributed to 31.1% top line growth in the JSW Group.

The JSW Group’s revenue in 2019 topped PLN 6.7 billion year-to-date as of the end of September 2021.

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